Terra Classic [LUNC] HODLers woke up on the morning of June 27 to a pleasant surprise when the infamous activist group of hackers known as “Anonymous” announced that they were investigating Do Kwon’s crimes.

The ‘Anonymous group in particular earned its popularity for hacking and exposing corruption in governments and large corporations around the world. The hackers’ action group now plans to investigate the Terra founder regarding the LUNA and UST crash.

Interestingly, this announcement provided a second pleasant surprise for LUNA and LUNC holders.

LUNC traded at $0.00008846 during press time after rallying at 17.63% in the past 24 hours. Obviously, the LUNC has struggled to maintain a significant advantage since the Terra blockchain fork.

Source: TradingView, LUNC/BUSD

This time, however, Terra Classic’s robust advantage was supported by heavy accumulation as the MFI rose from 23 to 75.72. It experienced no significant friction until the price moved above the 50% RSI level.

Can LUNC maintain optimistic performance?

It’s hard to say whether the latest upswing will prove to be a passing fad or lead to better days for holders. While Anonymous promised to seek justice for LUNA holders injured by Do Kwon’s actions, the action group also warned that investors may not be reimbursed for their losses. However, Terra 2.0 is operational and investors have hope for the future of Terra Classic.

Additionally, LUNC’s latest rebound had the second strongest bullish volume since the relaunch. It was also marked by a sharp rise in market capitalization. This reflects the strong influx in the past 24 hours.

Source: Santiment

The reading of volume and market cap confirms that the announcement by the Anonymous group resulted in LUNC’s positive price action.

However, the supply of whale statistics did not register an increase. This means that most of the accumulation was fueled by retailers. It also confirms that whales have been cautious about LUNC.

Source: Santiment

Low development activity for most of June sheds light on why investors have yet to regain confidence in Terra and LUNA. This outcome may limit LUNA’s short-term gains. However, the retail market seems to be doing well with the latest rally, and perhaps the right catalyst would support a bullish outlook.

This post Terra Classic peaked at 17.63% in the last 24 hours; reason could comfort you

was published first on https://ambcrypto.com/lunc-rises-up-by-17-63-in-last-24-hour-and-reason-might-comfort-you/


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